In a strategic move set to redefine Nigeria’s oil and gas landscape, Seplat Energy, co-founded by renowned Nigerian tycoons Austin Avuru and Ambrosie Orjiako, has announced plans to increase crude oil production from 50,000 barrels per day (bpd) to an impressive 120,000 bpd by mid-year 2025.
The announcement follows Seplat’s $800 million acquisition of ExxonMobil’s onshore assets, a deal that added 11 oil blocks, 48 fields, three export terminals, and five gas processing facilities to its portfolio. This acquisition, approved after two years of regulatory hurdles, cements Seplat’s position as a dominant player in Nigeria’s energy sector.
Seizing New Opportunities
As global energy giants like ExxonMobil, Eni, and Addax Petroleum exit Nigeria’s onshore sector due to environmental challenges and declining production, Seplat is capitalizing on these opportunities. The company’s strategy focuses on optimizing underutilized assets that, according to Chief Financial Officer Eleanor Adaralegbe, have seen minimal investment in recent years.
Strategic Partnerships Driving Growth
Seplat’s Chief Executive Officer, Roger Brown, highlighted the importance of aligning with President Bola Tinubu’s policies aimed at boosting oil production and enhancing foreign exchange inflows. Through its co-management agreements with the Nigerian National Petroleum Company (NNPC), Seplat currently contributes 16% of the country’s oil production.
“We have no concerns working with NNPC,” Brown noted, emphasizing the government’s reforms to stabilize the naira and increase oil revenue. “This expansion is transformative—not just for Seplat but for Nigeria’s energy future.”
A Vision for Sustainable Energy Leadership
Seplat’s recent acquisition underscores its long-term commitment to sustainable growth and investor confidence. By leveraging its expanded asset base, the company aims to modernize Nigeria’s energy infrastructure and address the nation’s growing energy demands.
“Maximizing our assets and boosting production will not only deliver value to our stakeholders but also ensure Seplat remains at the forefront of Nigeria’s energy sector,” said Brown.
Impact on Nigeria’s Economy
Seplat’s ambitious production goals align with national efforts to strengthen oil revenues amid fluctuating global energy prices. The move is expected to create job opportunities, drive economic growth, and reinforce Nigeria’s position as a key player in the global oil market.
As Seplat ramps up operations, it continues to demonstrate its resilience and commitment to shaping a more robust and sustainable energy future for Nigeria.
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